Lev Ekster
About Lev Ekster
Lev Ekster, 41, is President of Lucky Strike Entertainment (ticker: LUCK) since January 2024, after serving as Chief Strategy Officer from January 2021 to January 2024 and holding various roles at the company since 2013 . He holds a B.A. in Business Administration from Ithaca College and a J.D. from New York Law School, graduating Cum Laude . His compensation structure ties short‑term cash incentives to Company EBITDA, which achieved 90% of target in FY2025 (payout at 53% of target), and long‑term incentives to relative total shareholder return via PSUs, underscoring pay‑for‑performance alignment . His employment agreement sets base salary at $725,000 with a minimum 50% target bonus, a two‑year term to November 2026, and severance equal to 12 months of base salary plus health coverage, with CIC‑period lump‑sum severance and double‑trigger vesting mechanics on equity awards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lucky Strike Entertainment | Chief Strategy Officer | Jan 2021 – Jan 2024 | Company discloses role; specific impact not further detailed |
| Lucky Strike Entertainment | Various positions | 2013 – 2021 | Company notes various roles; details not disclosed |
External Roles
No external public company directorships or roles are disclosed for Ekster in the proxy/10‑K materials .
Fixed Compensation
| Component | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 684,504 | 725,000 |
| Target Bonus % (Employment Agreement minimum) | ≥50% of base | ≥50% of base |
| Target STI % (Annual Plan) | Not disclosed | 125% of base |
| All Other Compensation ($) | 15,924 | 17,598 |
Performance Compensation
Short‑Term Incentive (Annual Plan – EBITDA)
| Metric | Weighting | Threshold (payout) | Target (payout) | Maximum (payout) | Actual FY2025 | Payout FY2025 |
|---|---|---|---|---|---|---|
| Company EBITDA | 100% of STI | 85% of goal (25%) | 100% of goal (100%) | 125% of goal (200%) | 90% of goal | 53% of target |
Final payout calculation (FY2025):
| Item | Value |
|---|---|
| Base Salary ($) | 725,000 |
| Target Incentive (% of Base) | 125% |
| EBITDA Payout Factor | 53% |
| Final Payout ($) | 482,000 |
Long‑Term Incentive – 2025 Grants (Nov 4, 2024 committee decision date)
| Award Type | Weighting | Grant Date Value ($) | Key Performance Metric | Earnout Range | Vesting |
|---|---|---|---|---|---|
| PSUs | 50% | 906,247 | Relative TSR | 0–200% of target | Cliff vest on Nov 4, 2027 (service condition); CIC deem performance achieved; target vest if terminated w/o cause during CIC period |
| RSUs | 25% | 453,129 | Time‑based | N/A | 1/3 annually on 1st, 2nd, 3rd anniversaries of grant; full vest on termination w/o cause during CIC period |
| Stock Options | 25% | 453,255 | Time‑based | N/A | 1/3 annually over 3 years; full vest on termination w/o cause during CIC period |
Additional 2024 grants:
- RSUs: 10,889 granted Sep 9, 2024; vested on first anniversary (Sep 9, 2025) .
- PSUs target: 87,307 granted Nov 4, 2024; metric is relative TSR; vest Nov 4, 2027 per earnout rules .
Equity Ownership & Alignment
Beneficial Ownership (as of Oct 22, 2025)
| Holder | Shares of Class A Beneficially Owned | Ownership % (Class A) |
|---|---|---|
| Lev Ekster | 121,872 | * (less than 1% indicated by proxy star) |
Company policies:
- Hedging and pledging of Company securities are prohibited for directors/officers/employees unless pre‑approved by the Chief Legal Officer, with two‑week prior request; securities trading policy enforces MNPI restrictions .
Outstanding Equity Awards (as of Jun 29, 2025)
| Award | Shares/Units | Terms |
|---|---|---|
| Options (Tranche 1) | 17,201 exercisable; 34,404 unexercisable at $15.41; expire 1/12/2034; vest 1/3 annually | |
| Options (Tranche 2) | 17,201 exercisable; 34,404 unexercisable at $17.91; expire 1/12/2034; vest 1/3 annually | |
| Options (Tranche 3) | 17,201 exercisable; 34,404 unexercisable at $20.41; expire 1/12/2034; vest 1/3 annually | |
| Option (Nov 4, 2024) | 87,476 unexercisable at $10.38; expire 11/4/2034; vest 1/3 annually | |
| RSUs (Sep 9, 2024 grant) | 10,889 unvested units; market value $99,417 (as of FY-end); vest on first anniversary (now vested Sep 2025) | |
| RSUs (Nov 4, 2024 grant) | 43,654 unvested units; market value $398,561 (as of FY-end); vest 1/3 annually | |
| PSUs (Nov 4, 2024 grant) | Target 87,307; earnout 0–200% based on relative TSR; vest Nov 4, 2027 per policy |
Change-in-control mechanics:
- RSUs: all unvested RSUs vest if terminated without cause during CIC period .
- PSUs: performance deemed achieved upon CIC; vesting requires service; if terminated without cause during CIC period, service deemed achieved and PSUs vest at target immediately .
- Options: fully vest and become exercisable if terminated without cause during CIC period; otherwise unvested options forfeited .
Employment Terms
| Term | Detail |
|---|---|
| Agreement Date | November 6, 2024 |
| Role & Term | President; two‑year term ending November 2026 |
| Base Salary | $725,000 (subject to annual review) |
| Target Bonus | Minimum 50% of base; actual STI opportunity set at 125% of base in FY2025 Annual Plan |
| Severance (no cause / good reason) | 12 months base salary paid in monthly installments; up to 12 months health coverage |
| Severance (during CIC period) | Same amounts, but base salary paid in lump sum |
| Restrictive Covenants | Confidentiality, intellectual property, cooperation, non‑competition, non‑solicitation |
| Equity Vesting on CIC Termination | RSUs/options full vest; PSUs vest at target if terminated without cause during CIC period (service deemed achieved; performance deemed achieved post‑CIC) |
Multi‑Year Compensation Summary (NEO table extracts)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Salary ($) | 684,504 | 725,000 |
| Bonus ($) | 25,000 | — (paid via Annual Plan line) |
| Stock Awards ($) | 808,310 | 1,026,026 |
| Option Awards ($) | — | 453,255 |
| Non‑Equity Incentive ($) | 222,457 | 482,000 |
| All Other Comp ($) | 15,924 | 17,598 |
| Total ($) | 1,756,195 | 2,703,879 |
Compensation Structure Analysis
- Year‑over‑year mix shifted toward equity in FY2025: stock awards rose to $1.03M and new options of $453k were granted, with PSUs at 50% of LTI value, increasing at‑risk, performance‑linked pay tied to relative TSR .
- STI remained fully performance‑based on EBITDA and paid below target (53% of target) with goal achievement at 90%, indicating discipline in annual cash payouts when corporate performance undershoots targets .
- Equity award timing occurs near early November alongside quarterly earnings; the committee states it does not consider MNPI in grant timing, and provided grant timing/price-change disclosures for transparency .
Risk Indicators & Red Flags
- Hedging and pledging are prohibited absent pre‑approval, mitigating misalignment risk from derivative hedges or collateralized pledges; no pledging by Ekster is disclosed in the proxy .
- CIC provisions use double‑trigger vesting for RSUs/options and target‑level vesting for PSUs upon termination without cause during the CIC period; while standard, target‑level acceleration may be generous relative to some market practices .
- Related‑party transactions and broader governance items are disclosed elsewhere in the proxy, with no specific red flags tied to Ekster identified in the excerpts provided .
Say‑on‑Pay & Shareholder Feedback
No specific say‑on‑pay vote outcomes or shareholder proposal results related to executive compensation were identified in the proxy excerpts reviewed; Mercer serves as independent compensation consultant to the committee, with independence affirmed and no conflicts noted .
Expertise & Qualifications
- Education: B.A. Business Administration (Ithaca College); J.D. (New York Law School, Cum Laude) .
- Industry experience: 12+ years at Lucky Strike Entertainment across strategy and operating roles; President since January 2024 .
Investment Implications
- Strong pay‑for‑performance alignment: STI strictly tied to EBITDA (paid 53% at 90% goal achievement) and LTI heavily weighted to PSUs on relative TSR (50%), which should align Ekster’s incentives with shareholder returns and operating performance .
- Predictable vesting/selling windows: RSUs and options vest in annual tranches over three years with grants historically clustered around early November, creating regular vest/exercise opportunities that can inform monitoring for insider activity within trading windows (subject to trading policy/MNPI restrictions) .
- Retention vs. acceleration balance: Employment term through November 2026 and substantial unvested equity (RSUs/options/PSUs) support retention, while CIC provisions include double‑trigger vesting and target‑level PSU vesting upon termination without cause in CIC period—standard but potentially value‑accretive for the executive in a sale scenario .
- Ownership skin‑in‑the‑game: Beneficial ownership is <1% of Class A (121,872 shares), but significant outstanding awards indicate future alignment contingent on performance and continued service; hedging/pledging restrictions further support alignment .